Azure Midstream Holdings LLC is paying $910 million for midstream energy company TGGT Holdings LLC.
The sale price includes $875 million in cash and an 8 percent equity interest in Azure.
Dallas-based TGGT owns and operates midstream oil and gas assets in north Louisiana and east Texas through TGG Pipeline Ltd. and Talco Midstream Assets Ltd.
TGGT is being sold by affiliates of oil and gas company Exco Resources Inc. (NYSE: XCO) and BG Group plc, which each owned 50 percent of the joint venture. Exco expects to receive cash proceeds of about $230 million after TGGT pays off a credit agreement.
Vinson & Elkins advised BG and Exco on the deal.
Other recent oil and gas deals include Crestwood Midstream Partners LP’s acquisition of Arrow Midstream Holdings LLC for $750 million, and Templar Energy LLC’s purchase of oil and gas assets in Texas for about $1 billion.